Cido boss pledges five ships to settle $277m Korean tax bill

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Cido Shipping founder Hyuk Kwon has pledged five overseas ships as collateral under a plan to settle KRW393.8 billion ($277 million) in personal tax arrears in South Korea. The agreement brings a 15-year dispute with South Korean tax authorities closer to resolution.

Cido Shipping founder Hyuk Kwon has pledged five overseas ships as collateral after agreeing to settle KRW393.8bn ($277m) in personal tax arrears in South Korea, bringing a 15-year dispute with the country’s tax authorities towards a close. South Korea’s National Tax Service said Kwon has submitted a plan to clear the entire amount and already …